ORS

Chứng khoán Tiên Phong ·HOSE ·2026Q1

▼ BALANCED REVENUE MIX

Balanced revenue Brokerage and services 42.7%

Price

12,950

Latest close

03 Jun 2026

EPS TTM (TTM) 272

BVPS (Latest) 11,015

P/E (Price/EPS) 47.7x

P/B (Price/BVPS) 1.2x

ROAE TTM (TTM) 2.8%

PBT Margin (TTM) 14.4%

Trading Share (Mix) 46.4%

Service & Brokerage Share (Mix) 42.7%

Equity / Assets (Latest) 52.5%

Leverage (Latest) 0.9x

Securities House Picture

On a TTM basis through 2026Q1, pre-tax profit is currently about 187.7bn, equivalent to a pre-tax margin of 14.4%, but headline durability remains more sensitive to revaluation, while margin has narrowed by 4.7pp, pointing to greater pressure on earnings quality. The revenue mix still leans mainly on trading at 46.4% after expanding by +3.7pp, while lending is at 10.9%; brokerage and services are still 42.7% but have narrowed by 2.6pp, so diversification needs closer monitoring. On the balance sheet, Equity / Assets is 52.5% while Leverage is about 0.91x, indicating a still relatively balanced capital posture, with buffers thickening and leverage easing further.

	                            
	                                Trading
	                            
	                        
Doanh thu 627 tỷ
−29,2%
Lãi thuần 212 tỷ
−13,3%

	                            
	                                Margin lending
	                            
	                        
Doanh thu 135 tỷ
−42,3%
Dư nợ 1.685 tỷ
−10,4%

	                            
	                                Brokerage
	                            
	                        
Doanh thu 61,0 tỷ
+0,5%
Lãi thuần 6,07 tỷ
+722,4%

Metric	2025	2024
PBT	147.5	481.4
Trading Share	46.9%	43.7%
Lending Share	11.5%	9.6%
Service & Brokerage Share	41.6%	46.7%
PBT Margin	9.94%	23.18%
Equity / Assets	53.3%	35.0%
Leverage	0.88x	1.86x

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
PBT	42.3	113.7	133.9	-102.1	2.1	96.6	165.6	125.9	93.3
Trading Share	51.5%	52.5%	49.0%	27.3%	53.1%	34.7%	41.0%	39.6%	60.5%
Lending Share	15.5%	10.0%	8.0%	10.8%	16.0%	13.6%	11.0%	7.5%	6.6%
Service & Brokerage Share	33.0%	37.5%	43.1%	61.9%	30.9%	51.7%	47.9%	52.9%	32.9%
PBT Margin	15.62%	29.11%	37.63%	-35.08%	0.46%	19.42%	30.59%	22.53%	19.46%
Equity / Assets	52.5%	53.3%	33.6%	34.5%	31.3%	35.0%	33.8%	37.8%	35.0%
Leverage	0.91x	0.88x	1.97x	1.90x	2.19x	1.86x	1.96x	1.65x	1.86x

Drivers of ORS's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to lower other fees. Supporting and offsetting drivers:

Total costs +VND 302bn

Tax +VND 65.0bn

Other fees −VND 380bn

Margin lending −VND 98.8bn

Trading −VND 32.5bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher trading. Supporting and offsetting drivers:

Trading +VND 77.0bn

Total costs +VND 48.1bn

Other fees −VND 49.6bn

Margin lending −VND 29.1bn

Brokerage −VND 6.3bn

Financial Highlights

Detailed analysis of each financial dimension

Is revenue sustainable?

very positive positive stable watch under pressure

Revenue Mix & Earnings Engine

Where are current earnings coming from?

Revenue remains tilted toward trading, but the quality of that engine still needs to be read alongside concentration and the real contribution from brokerage and services.

Trading currently accounts for about 46.4%, lending is at 10.9%, brokerage is around 4.9%, other services about 37.8%, brokerage plus services together are 42.7%.

Trading is still the main engine, but brokerage and services have become large enough to start providing a more tangible diversification layer.

Revaluation does not fully dominate trading income at this stage.

The mix is still fairly readable for now, but case durability will depend on whether brokerage and services keep thickening.

Key risks

Key signals

Securities business revenue 1,307.9bn −36.0% YoY

PBT margin 14.4% −4.7pp

Trading Share 46.4% +3.7pp

Other Fee Share 37.8% −4.4pp

Revaluation / Trading 10.9% −15.9pp

TTM YoY · 2026Q1

Profitability Quality & Volatility

How strong is current profitability, and how durable is it?

Headline profitability remains solid, but durability is weaker because part of the result is still sensitive to revaluation.

Pre-tax margin is currently 14.4%, Return on assets is about 1.2%, revaluation accounts for 33.2% of pre-tax profit.

Headline profit should not be read purely off reported PBT because revaluation still makes the result more volatile.

Profit remains sensitive to revaluation swings.

Provisioning is not currently the main drag on profit.

Key risks

Revaluation volatility remains high

Revaluation makes up a large enough share of PBT to make profit quality less durable than the headline suggests.

Return profile remains weak

ROAA or ROAE remains in a weak range, leaving profitability on an insufficient base.

Key signals

PBT margin 14.4% −4.7pp

Net margin 12.2% −2.3pp

ROAA 1.2% −1.1pp

ROAE 2.8% −2.4pp

Revaluation / PBT 33.2% −23.9pp

TTM YoY · 2026Q1

Are assets at risk?

Balance Sheet Quality & Asset Composition

Where is the balance sheet exposed, and how resilient does it look?

The balance sheet is leaning more toward the prop book, making market-valuation sensitivity a key issue to monitor.

The margin book is about 11.5% of assets, the prop book about 15.3%, liquid assets around 32.8%, equity roughly 52.5%.

A high prop-book share lets market-valuation swings flow more directly into the balance sheet.

The prop book is the more prominent balance-sheet component.

Capital buffer is not the main weakness for now, so the key reading point shifts to which assets are driving the balance sheet.

Key risks

Key signals

Margin book / Assets 11.5% −3.5pp

Prop book / Assets 15.3% −9.7pp

Liquid assets / Assets 32.8% +15.4pp

Equity / Assets 52.5% +21.2pp

Liabilities / Equity 0.91x −1.29x

Quarterly YoY · 2026Q1

Is leverage safe?

Capital, Funding & Risk Posture

Are capital buffers and funding posture sufficiently safe?

Funding and liquidity look relatively comfortable, so risk posture is not currently the veto point for the case.

Equity currently equals 52.5% of assets, liabilities stand at 0.91x of equity, short-term borrowings are about 13.5% of assets, cash covers roughly 1.77x of short-term borrowings.

Capital and funding are mainly acting as a buffer for the case, rather than the main source of headline distortion.

When funding and liquidity remain adequate, capital posture works more as a buffer than a veto point.

Liquidity buffer remains relatively better than short-term funding needs.

Key risks

Key signals

Equity / Assets 52.5% +21.2pp

Liabilities / Equity 0.91x −1.29x

Short-term borrowings / Assets 13.5% −27.3pp

Liquid assets / Assets 32.8% +15.4pp

Cash / Short-term borrowings 1.77x +1.57x

Quarterly YoY · 2026Q1

Investment Takeaway

Overall, ORS is showing a more balanced earnings mix thanks to brokerage and service income, but funding or capital risk still calls for caution.

Brokerage and service income are now large enough to reduce pure dependence on trading or margin.

Profitability does not currently show a sufficiently durable base to be read as a clean case.

Statement Data

Item	2025	2024
1.1. Gains from financial assets at fair value through profit or loss (FVTPL)	671.1	889.4
a. Realised gains on disposals of FVTPL financial assets	344.4	542.2
b. Gains from revaluation of FVTPL financial assets	179.1	176.5
c. Dividends and interest income from FVTPL financial assets	147.6	170.6
1.2. Gains from held to maturity investments	53.7	42.1
1.3. Interest income from loans and receivables	163.9	196.2
1.6. Revenue from brokerage services	60.5	61.3
1.7. Revenue from share issue guarantee and agency activities	0.1	—
1.8. Revenue from investment advisory services	25.1	61.5
1.10. Revenue from securities custody services	12.4	32.9
1.11. Other revenue	497.3	793.8
Revenue from securities business (01->11)	1,484.2	2,077.1
Net sales	1,484.2	2,077.1
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	589.8	492.5
a. Loss from disposals of financial assets at FVTPL	492.4	363.8
b. Loss from revaluation of financial assets at FVTPL	96.9	127.9
c. Transaction cost of acquisition of financial assets at FVTPL	0.5	0.8
2.6. Expenses for proprietary trading activities	1.2	1.8
2.7. Expenses for brokerage services	48.2	66.7
2.9. Expenses for financial advisory services	8.4	37.4
2.11. Expenses for secutiries custodian services	3.3	6.9
2.12. Other expenses	65.4	365.7
Operating expenses (21->33)	716.2	970.9
Gross profit	768.0	1,106.2
3.2. Dividends, interest income from demand deposits	6.1	5.4
Total financial income (41->44)	6.1	5.4
4.2. Borrowing costs	554.1	517.8
Total financial expenses (51->54)	554.1	517.8
VI. General and Administrative expenses	71.6	135.1
VII. Net profit from securities business (20+50-40-60-61-62)	148.3	458.7
8.1. Other incomes	0.9	23.1
8.2. Other expenses	1.8	0.3
Other profit (71-72)	-0.8	22.7
IX. Profit before tax (70+80)	147.5	481.4
9.1. Realised profit	65.2	432.8
9.2. Unrealised profit	82.3	48.7
CORPORATE INCOME TAX	29.0	102.3
10.1. Current corporate income tax expenses	12.6	93.3
10.2. Deferred income tax expenses	16.5	9.0
XI. Net profit after tax (90-100)	118.5	379.1
11.1. Profit after tax for shareholders of the parents company	118.5	379.1
13.1. Earning per share	352.00	1,135.00
13.2. Diluted earning per share	352.00	1,135.00
Earnings per Share	170.13	1,126.33

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+130)	14,296.5	11,145.4
Short-term financial assets	14,145.6	11,141.2
1. Cash and cash equivalents	5,981.3	533.9
1.1. Cash	5,981.3	533.9
2. Financial assets at fair value through profit or loss (FVTPL)	2,066.4	3,771.9
3. Held to maturity investments (HTM)	1,308.4	2,265.0
4. Loans	1,460.1	2,880.4
7. Short-term receivables	107.5	359.6
7.1. Receivables from disposal of financial assets	47.9	321.4
7.2. Receivables and accruals from dividends and interest income	59.6	38.2
7.2.2. Undue dividend and interest receivables	59.6	38.2
Prepayments to suppliers	1.7	10.2
9. Service related receivable	3,234.2	1,290.4
12. Other receivables	4.1	30.6
13. Provision for doubtful debts	-18.1	-0.8
II. Other short-term assets	150.9	4.2
1. Advances	145.6	—
3. Short-term prepayments	5.2	4.1
4. Pledged assets, mortgages, security deposits in short term	0.1	0.1
B. LONG-TERM ASSETS (200=210+220+240+250-260)	39.9	52.8
II. Fixed assets	19.1	17.5
1. Tangible fixed assets	5.1	8.9
- Cost	21.9	25.7
- Accumulated depreciation	-16.8	-16.8
3. Intangible fixed assets	14.1	8.5
- Cost	47.3	37.6
- Accumulated depreciation	-33.3	-29.1
IV. Construction in progress	1.6	6.2
V. Other long-term assets	19.1	29.1
1. Pledged assets, mortgages, security deposits in long term	2.8	3.3
2. Long-term prepayments	1.8	1.2
3. Deferred income tax assets	—	12.5
4. Payment for Settlement Assistance Fund	14.6	12.1
TOTAL ASSETS (270=100+200)	14,336.4	11,198.1
A. LIABILITIES (300=310+340)	6,698.3	7,277.7
I. Short -term liabilities	2,694.4	4,277.7
1. Short-term borrowings	2,046.0	3,498.0
1.1. Short-term borrowings	2,046.0	3,498.0
4. Short-term bonds	328.0	—
6. Payables to securities trading activities	199.7	443.6
8. Trade accounts payable	4.7	2.3
10. Taxes and other payables to state authorities	25.2	48.2
11. Payable to employees	3.2	1.0
13. Accrued expenses	65.7	173.3
15. Unearned revenue	14.5	40.3
17. Other payables	7.3	70.9
II. Long-term liabilities	4,004.0	3,000.0
4. Long-term bonds	4,000.0	3,000.0
14. Deferred income tax liabilities	4.0	—
B. OWNER'S EQUITY (400=410+420)	7,638.1	3,920.4
I. Owner's equity	7,638.1	3,920.4
1. Investment capital from owners	6,965.1	3,365.9
1.1. Capital from owners	6,239.3	3,360.0
a. Common stock	6,239,309,040,000.00	3,359,997,430,000.00
1.2. Share premium	725.7	5.9
4. Supplementary capital reserve	8.6	8.6
7. Undistributed earnings after tax	655.9	537.4
7.1. Realised profits	652.2	599.5
7.2. Unrealised losses	3.7	-62.1
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	14,336.4	11,198.1

Item	2025	2024
1. Profit before tax	147.5	481.4
2. Adjustments for	519.8	485.8
- Depreciation and amortization	6.5	5.3
- (Reversal of provisions)/provisions	17.2	0.8
- Loss/(profits) from other investing activities	1.6	—
- Interest expense	554.1	517.8
- Accrued interest income	-59.6	-38.2
3. Add non-cash expenses	96.9	127.9
- Loss from revaluation losses of FVTPL financial assets	96.9	127.9
4. Less non-cash income	-179.1	-176.5
- Gains from revaluation gains of FVTPL financial assets	-179.1	-176.5
5. Changes of assets and liabilities	4,164.8	-5,347.5
- Increase/decrease in FVTPL financial assets	1,787.8	-1,644.2
- Increase/decrease in held to maturity investments	956.6	-1,915.0
- Increase/decrease in loan	1,420.4	-1,788.3
6. Operating profit before changes in working capital	4,749.9	-4,428.9
Increase/decrease in receiables sale of financial assets	273.5	-160.9
Increase/decrease in receiables interest of financial assets	38.2	6.0
Increase/decrease in service related receivables	-1,943.8	755.0
Increases/decreases in other receivables	23.2	-25.4
Increase/decrease in other assets	-147.6	-2.1
- Increase/(decrease) in payables (other than interest, corporate income tax)	-90.8	493.4
- (Increase)/decrease in prepaid expenses	-1.7	-0.5
- Corporate income tax paid	-19.0	-88.7
- Interest paid	-571.0	-489.1
Increases/decreaese in trade payables	-232.2	-5.5
Increases/decreases in tax and other payables to the State Budget	-16.6	8.0
Increases/dcreases in payable to employees	2.3	-4.0
Increases/dcreases in other payables	-89.4	37.5
Net cash flows from securities trading activities	1,975.0	-3,905.4
1. Payment for fixed assets, constructions and other long-term assets	-5.9	-13.0
2. Proceeds from disposals of fixed assets and other long-term assets	3.2	—
Net cash flows from investing activities	-2.7	-13.0
1. Receipts from equity issue and owner's capital contribution	3,599,139,512,500.00	1,005,039,606,000.00
3. Short-term and long-term borrowings	18,153.0	19,362.5
3.2. Other borrowings	18,153.0	19,362.5
4. Principal repayments	-18,277.0	-17,046.7
4.3. Other principal repayments	-18,277.0	-17,046.7
Net cash flows from financing activities	3,475.1	3,320.9
IV. Net cash flows during the period	5,447.5	-597.5
V. Cash and cash equivalents at begingning of the period	533.9	1,131.3
Cash at bank	533.9	1,131.3
- Cash at bank for securities company activities	533.9	1,131.3
Cash and cash equivalents at end of period	5,981.3	533.9
Cash at bank	5,981.3	533.9
- Cash at bank for securities company activities	5,981.3	533.9
1. Proceeds from sale of brokerage securities to customers	20,585.5	31,602.8
2. Money spent on buying brokerage securities for customers	-18,398.1	-34,967.9
9. Receive deposits to pay for securities transactions of customers	101,604.3	230,653.0
11. Payment for customers' securities transactions	-104,015.6	-227,698.5
Increase / decrease of net money during the period	-223.9	-410.6
II. Cash and cash equivalents at the beginning of the period of the customer	631.8	1,042.4
Cash at bank	631.8	1,042.4
-Deposits of investors on securities transactions under the Securities Company management method	631.8	1,042.4
III. Cash and cash equivalents at the end of the period of the customer	407.9	631.8
Cash at bank	407.9	631.8
-Deposits of investors on securities transactions under the Securities Company management method	407.9	631.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1.1. Gains from financial assets at fair value through profit or loss (FVTPL)	131.3	197.6	168.7	76.1	228.7	165.7	218.9	217.7	287.1
a. Realised gains on disposals of FVTPL financial assets	67.7	131.1	148.0	15.0	50.3	89.3	157.3	148.9	146.7
b. Gains from revaluation of FVTPL financial assets	10.0	22.3	3.5	26.5	126.9	20.2	24.8	50.8	80.7
c. Dividends and interest income from FVTPL financial assets	53.6	44.2	17.3	34.6	51.5	56.1	36.8	18.1	59.7
1.2. Gains from held to maturity investments	15.6	14.4	11.2	11.8	16.3	19.8	7.9	9.6	4.7
1.3. Interest income from loans and receivables	39.6	37.6	27.5	30.2	68.7	65.1	58.9	40.9	31.3
1.6. Revenue from brokerage services	13.0	15.3	18.9	13.8	12.5	16.2	14.3	17.6	13.1
1.7. Revenue from share issue guarantee and agency activities	—	0.1	—	—	—	—	—	—	—
1.8. Revenue from investment advisory services	6.8	11.0	—	0.5	13.6	13.5	5.7	13.2	29.0
1.10. Revenue from securities custody services	0.9	2.9	2.9	3.5	3.0	3.0	6.9	16.0	6.9
1.11. Other revenue	63.4	111.7	126.6	155.1	103.9	214.1	228.8	243.5	107.3
Revenue from securities business (01->11)	270.5	390.5	355.8	291.1	446.8	497.5	541.4	558.7	479.5
Net sales	270.5	390.5	355.8	291.1	446.8	497.5	541.4	558.7	479.5
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	76.2	73.6	55.1	209.7	251.3	131.4	117.2	140.1	103.8
a. Loss from disposals of financial assets at FVTPL	47.6	67.9	53.7	200.3	170.5	142.8	48.0	79.8	93.3
b. Loss from revaluation of financial assets at FVTPL	28.4	5.3	1.4	9.4	80.8	-11.4	69.3	60.3	9.7
c. Transaction cost of acquisition of financial assets at FVTPL	0.2	0.5	0.0	0.0	0.0	0.0	—	—	0.8
2.6. Expenses for proprietary trading activities	0.1	0.1	0.3	0.4	0.4	0.8	0.5	0.4	0.0
2.7. Expenses for brokerage services	14.0	13.7	15.8	11.4	7.3	22.8	14.9	16.7	12.3
2.9. Expenses for financial advisory services	3.6	2.8	1.8	1.9	1.8	5.0	4.5	8.7	19.2
2.11. Expenses for secutiries custodian services	0.9	0.8	0.7	0.8	1.0	1.0	-160.5	52.2	112.5
2.12. Other expenses	-12.1	22.3	6.5	16.6	19.9	49.2	251.9	66.4	—
Operating expenses (21->33)	82.7	113.4	80.2	240.9	281.7	210.1	228.5	284.5	247.8
Gross profit	187.8	277.2	275.6	50.2	165.1	287.4	312.9	274.2	231.7
3.2. Dividends, interest income from demand deposits	2.8	1.0	1.3	1.1	2.6	1.9	1.4	1.3	0.8
Total financial income (41->44)	2.8	1.0	1.3	1.1	2.6	1.9	1.4	1.3	0.8
4.2. Borrowing costs	127.0	145.5	124.2	131.5	153.0	140.6	136.0	125.3	115.8
Total financial expenses (51->54)	127.0	145.5	124.2	131.5	153.0	140.6	136.0	125.3	115.8
VI. General and Administrative expenses	21.3	18.9	18.0	22.0	12.6	52.0	27.8	28.3	27.0
VII. Net profit from securities business (20+50-40-60-61-62)	42.3	113.8	134.6	-102.2	2.1	96.7	150.4	121.9	89.7
8.1. Other incomes	—	0.1	0.8	0.1	—	0.0	15.2	4.3	3.6
8.2. Other expenses	0.0	0.2	1.6	0.0	0.0	0.1	—	0.3	0.0
Other profit (71-72)	-0.0	-0.1	-0.8	0.1	-0.0	-0.1	15.2	4.0	3.6
IX. Profit before tax (70+80)	42.3	113.7	133.9	-102.1	2.1	96.6	165.6	125.9	93.3
9.1. Realised profit	60.6	96.7	131.8	-119.2	-44.0	65.0	210.1	135.4	22.3
9.2. Unrealised profit	-18.4	17.0	2.1	17.1	46.1	31.7	-44.5	-9.5	71.0
CORPORATE INCOME TAX	8.5	16.0	0.4	3.4	9.2	25.7	33.2	25.3	18.2
10.1. Current corporate income tax expenses	12.2	12.6	—	—	—	19.3	42.1	27.2	4.7
10.2. Deferred income tax expenses	-3.7	3.4	0.4	3.4	9.2	6.3	-8.9	-1.9	13.5
XI. Net profit after tax (90-100)	33.7	97.7	133.5	-105.5	-7.2	71.0	132.4	100.6	75.1
11.1. Profit after tax for shareholders of the parents company	33.7	97.7	133.5	-105.5	-7.2	71.0	132.4	100.6	75.1
Total other comprehensive income	33.7	97.7	133.5	-105.5	-7.2	71.0	132.4	—	75.1
13.1. Earning per share	54.00	157.00	397.00	-314.00	-21.00	964.00	414.00	346.00	269.00
13.2. Diluted earning per share	54.00	157.00	397.00	-314.00	-21.00	964.00	414.00	346.00	269.00
Earnings per Share	48.43	140.32	396.51	-313.53	-21.29	210.82	393.47	298.85	249.90

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
A. SHORT-TERM ASSETS (100=110+130)	14,562.8	14,296.5	11,681.9	10,978.1	12,445.0	11,145.4	11,342.4	9,784.6	10,296.0
Short-term financial assets	14,262.0	14,145.6	11,524.0	10,820.4	12,268.2	11,141.2	11,336.8	9,781.8	10,293.2
1. Cash and cash equivalents	3,481.2	5,981.3	907.6	485.5	994.0	533.9	2,269.0	2,242.3	1,980.6
1.1. Cash	3,481.2	5,981.3	907.6	485.5	994.0	533.9	2,269.0	2,242.3	1,520.6
1.2. Cash equivalents	—	—	—	—	—	—	—	—	460.0
2. Financial assets at fair value through profit or loss (FVTPL)	2,229.6	2,066.4	1,797.5	2,889.2	3,117.7	3,771.9	2,766.5	2,166.4	1,994.5
3. Held to maturity investments (HTM)	1,308.5	1,308.4	953.3	713.3	1,173.5	2,265.0	1,215.0	945.0	350.0
4. Loans	1,684.7	1,460.1	1,046.8	879.2	1,880.8	2,880.4	2,336.2	2,305.9	1,076.8
7. Short-term receivables	1,741.5	107.5	142.1	106.8	98.9	359.6	24.8	31.9	232.4
7.1. Receivables from disposal of financial assets	1,645.6	47.9	69.7	47.7	20.4	321.4	0.5	—	199.3
7.2. Receivables and accruals from dividends and interest income	95.9	59.6	72.4	59.1	78.5	38.2	24.3	31.9	33.0
7.2.2. Undue dividend and interest receivables	95.9	59.6	72.4	59.1	78.5	38.2	24.3	31.9	33.0
Prepayments to suppliers	1,000.4	1.7	1.0	0.4	6.2	10.2	0.6	1.8	0.3
9. Service related receivable	2,830.0	3,234.2	6,672.4	5,742.5	4,993.7	1,290.4	2,721.3	2,083.4	4,632.8
12. Other receivables	4.1	4.1	4.1	4.2	4.2	30.6	4.0	5.7	25.9
13. Provision for doubtful debts	-18.1	-18.1	-0.8	-0.8	-0.8	-0.8	-0.6	-0.6	—
II. Other short-term assets	300.8	150.9	157.9	157.7	176.8	4.2	5.6	2.8	2.8
1. Advances	295.8	145.6	155.7	155.1	173.8	—	1.3	0.5	0.7
3. Short-term prepayments	4.9	5.2	2.1	2.4	2.8	4.1	4.2	2.2	2.1
4. Pledged assets, mortgages, security deposits in short term	0.1	0.1	0.1	0.2	0.2	0.1	0.1	0.1	0.1
B. LONG-TERM ASSETS (200=210+220+240+250-260)	54.2	39.9	40.7	48.1	46.7	52.8	58.0	47.6	43.9
I. Long-term financial assets	12.0	—	—	—	—	—	—	—	—
2. Long-term investments	12.0	—	—	—	—	—	—	—	—
2.3. Investments in associates, joint-ventures	12.0	—	—	—	—	—	—	—	—
II. Fixed assets	17.6	19.1	14.4	20.5	16.8	17.5	18.0	16.3	16.8
1. Tangible fixed assets	4.5	5.1	5.6	10.7	8.4	8.9	9.5	8.1	8.5
- Cost	21.9	—	—	—	—	—	—	—	—
- Accumulated depreciation	-17.4	—	—	—	—	—	—	—	—
3. Intangible fixed assets	13.1	14.1	8.8	9.8	8.3	8.5	8.5	8.2	8.4
- Cost	47.5	—	—	—	—	—	—	—	—
- Accumulated depreciation	-34.4	—	—	—	—	—	—	—	—
IV. Construction in progress	3.5	1.6	7.6	7.7	7.8	6.2	4.3	4.1	1.4
V. Other long-term assets	21.1	19.1	18.7	19.9	22.1	29.1	35.8	27.2	25.6
1. Pledged assets, mortgages, security deposits in long term	2.8	2.8	2.8	3.3	3.3	3.3	3.4	3.3	3.3
2. Long-term prepayments	1.6	1.8	1.9	2.1	0.9	1.2	1.5	1.9	2.2
3. Deferred income tax assets	-0.3	—	-0.6	-0.2	3.3	12.5	18.8	9.9	8.0
4. Payment for Settlement Assistance Fund	17.1	14.6	14.6	14.6	14.6	12.1	12.1	12.1	12.1
TOTAL ASSETS (270=100+200)	14,617.0	14,336.4	11,722.6	11,026.2	12,491.6	11,198.1	11,400.4	9,832.2	10,339.9
A. LIABILITIES (300=310+340)	6,945.2	6,698.3	7,781.4	7,218.4	8,578.4	7,277.7	7,550.9	6,115.1	6,723.4
I. Short -term liabilities	2,945.2	2,366.4	4,452.8	4,218.4	5,578.4	4,277.7	4,550.9	3,115.1	3,723.4
1. Short-term borrowings	1,969.1	2,046.0	3,989.1	3,513.5	5,097.5	3,498.0	3,850.5	2,700.0	3,448.2
1.1. Short-term borrowings	1,969.1	2,046.0	3,989.1	3,513.5	5,097.5	3,498.0	3,850.5	2,700.0	3,448.2
4. Short-term bonds	328.0	—	—	—	—	—	—	—	—
6. Payables to securities trading activities	504.0	199.7	100.6	—	300.0	443.6	301.5	104.5	—
8. Trade accounts payable	—	4.7	3.7	2.9	—	2.3	0.1	—	2.6
9. Advances from customers	0.0	—	111.4	—	—	—	0.0	—	—
10. Taxes and other payables to state authorities	19.0	25.2	2.7	11.9	15.2	48.2	81.7	55.1	38.7
11. Payable to employees	0.3	3.2	2.3	1.4	1.1	1.0	1.0	1.0	1.0
13. Accrued expenses	69.5	65.7	82.8	80.2	90.9	152.2	154.6	152.0	130.3
15. Unearned revenue	12.5	14.5	12.6	20.7	31.6	40.3	140.8	47.4	63.7
17. Other payables	42.9	7.3	147.6	587.7	42.0	70.9	20.8	55.2	38.9
II. Long-term liabilities	4,000.0	4,332.0	3,328.6	3,000.0	3,000.0	3,000.0	3,000.0	3,000.0	3,000.0
4. Long-term bonds	4,000.0	4,328.0	3,328.6	3,000.0	3,000.0	3,000.0	3,000.0	3,000.0	3,000.0
14. Deferred income tax liabilities	—	4.0	—	—	—	—	—	—	—
B. OWNER'S EQUITY (400=410+420)	7,671.8	7,638.1	3,941.2	3,807.7	3,913.3	3,920.4	3,849.5	3,717.0	3,616.5
I. Owner's equity	7,671.8	7,638.1	3,941.2	3,807.7	3,913.3	3,920.4	3,849.5	3,717.0	3,616.5
1. Investment capital from owners	6,965.1	6,965.1	3,365.9	3,365.9	3,365.9	3,365.9	3,365.9	3,365.9	3,006.0
1.1. Capital from owners	6,239.3	6,239.3	3,360.0	3,360.0	3,360.0	3,360.0	3,360.0	3,360.0	3,000.0
a. Common stock	6,239,309,040,000.00	6,239,309,040,000.00	3,359,997,430,000.00	3,359,997,430,000.00	3,359,997,430,000.00	3,359,997,430,000.00	3,359,997,430,000.00	3,359,997,430,000.00	3,000,000,000,000.00
1.2. Share premium	725.7	725.7	5.9	5.9	5.9	5.9	5.9	5.9	6.0
4. Supplementary capital reserve	8.6	8.6	8.6	8.6	8.6	8.6	8.6	8.6	8.6
7. Undistributed earnings after tax	689.6	655.9	558.2	424.7	530.2	537.4	466.4	334.0	593.4
7.1. Realised profits	700.6	652.2	568.0	436.2	555.4	599.5	553.8	385.8	637.6
7.2. Unrealised losses	-11.0	3.7	-9.9	-11.5	-25.2	-62.1	-87.4	-51.8	-44.2
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	14,617.0	14,336.4	11,722.6	11,026.2	12,491.6	11,198.1	11,400.4	9,832.2	10,339.9

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Profit before tax	42.3	113.7	133.9	-102.1	2.1	96.6	165.6	125.9	93.3
2. Adjustments for	32.9	178.9	112.6	152.5	75.9	128.3	144.9	128.2	84.4
- Depreciation and amortization	1.7	1.9	1.7	1.6	1.4	1.4	1.3	1.1	1.6
- (Reversal of provisions)/provisions	—	17.2	—	—	—	0.2	0.0	0.6	—
- Loss/(profits) from other investing activities	—	1.5	0.0	0.0	—	—	—	—	—
- Interest expense	127.0	145.5	124.2	131.5	153.0	140.6	136.0	125.3	115.8
- Accrued interest income	-95.9	12.7	-13.2	19.4	-78.5	-13.9	7.6	1.2	-33.0
3. Add non-cash expenses	28.4	5.3	1.4	9.4	80.8	-11.4	69.3	60.3	9.7
- Loss from revaluation losses of FVTPL financial assets	28.4	5.3	1.4	9.4	80.8	-11.4	69.3	60.3	9.7
4. Less non-cash income	-10.0	-22.3	-3.5	-26.5	-126.9	-20.2	-24.8	-50.8	-80.7
- Gains from revaluation gains of FVTPL financial assets	-10.0	-22.3	-3.5	-26.5	-126.9	-20.2	-24.8	-50.8	-80.7
5. Changes of assets and liabilities	-406.3	-1,020.2	686.2	1,707.3	2,791.5	-2,568.0	-944.9	-2,005.6	171.0
- Increase/decrease in FVTPL financial assets	-181.6	-251.9	1,093.8	245.5	700.3	-973.8	-644.5	-181.5	155.6
- Increase/decrease in held to maturity investments	-0.2	-355.0	-240.0	460.2	1,091.5	-1,050.0	-270.0	-595.0	—
- Increase/decrease in loan	-224.6	-413.3	-167.6	1,001.6	999.7	-544.2	-30.3	-1,229.1	15.4
6. Operating profit before changes in working capital	-312.8	-744.7	930.7	1,740.5	2,823.3	-2,374.8	-589.9	-1,742.0	277.7
Increase/decrease in receiables sale of financial assets	-1,597.7	21.9	-22.0	-27.3	300.9	-320.8	-0.5	199.3	-38.9
Increase/decrease in receiables interest of financial assets	59.6	0.0	0.0	0.0	38.2	0.0	0.0	0.0	6.0
Increase/decrease in service related receivables	404.1	3,326.8	-818.5	-748.8	-3,703.3	1,430.8	-637.8	2,549.4	-2,587.4
Increases/decreases in other receivables	0.0	-0.0	-3.1	0.0	26.3	-23.1	0.7	20.4	-23.4
Increase/decrease in other assets	-152.7	10.1	-0.0	18.7	-176.3	-2.1	—	—	—
- Increase/(decrease) in payables (other than interest, corporate income tax)	-25.5	1.8	-0.8	135.5	-227.3	160.4	198.1	126.9	7.9
- (Increase)/decrease in prepaid expenses	0.5	-2.9	0.5	-0.8	1.5	0.4	-1.6	0.2	0.4
- Corporate income tax paid	-12.6	0.0	0.0	0.0	-19.0	-42.4	-27.2	-4.7	-14.5
- Interest paid	-97.8	-164.4	-120.9	-134.1	-151.7	-140.2	-134.6	-126.2	-88.2
Increases/decreaese in trade payables	-699.2	100.1	100.5	-440.4	7.6	-5.8	0.8	-3.1	2.6
Increases/decreases in tax and other payables to the State Budget	-5.9	9.9	-9.2	-3.3	-14.0	-10.4	11.6	-6.1	12.8
Increases/dcreases in payable to employees	-3.0	0.9	0.9	0.3	0.2	-0.0	0.0	0.0	-4.0
Increases/dcreases in other payables	33.6	-138.4	-448.2	534.8	-37.6	-50.4	59.0	0.0	28.9
Net cash flows from securities trading activities	-2,409.1	2,421.1	-390.0	1,075.2	-1,131.2	-1,378.2	-1,121.3	1,014.2	-2,420.1
1. Payment for fixed assets, constructions and other long-term assets	-2.1	-2.9	4.9	0.3	-8.1	-4.4	-2.6	-4.2	-1.8
2. Proceeds from disposals of fixed assets and other long-term assets	—	0.0	3.2	—	—	—	—	—	—
5. Payments for investment in other entities	-12.0	—	—	—	—	—	—	—	—
Net cash flows from investing activities	-14.1	-2.9	8.1	0.3	-8.1	-4.4	-2.6	-4.2	-1.8
1. Receipts from equity issue and owner's capital contribution	—	3,599,139,512,500.00	—	—	—	0.00	0.00	-41,100,000.00	1,005,080,706,000.00
3. Short-term and long-term borrowings	1,740.1	3,605.3	5,195.7	3,374.0	5,978.0	4,943.0	5,219.5	5,250.0	3,950.0
3.2. Other borrowings	1,740.1	3,605.3	5,195.7	3,374.0	5,978.0	4,943.0	5,219.5	5,250.0	3,950.0
4. Principal repayments	-1,817.0	-4,549.0	-4,391.5	-4,958.0	-4,378.5	-5,295.5	-4,069.0	-5,998.2	-1,684.0
4.3. Other principal repayments	-1,817.0	-4,549.0	-4,391.5	-4,958.0	-4,378.5	-5,295.5	-4,069.0	-5,998.2	-1,684.0
Net cash flows from financing activities	-76.9	2,655.5	804.2	-1,584.0	1,599.5	-352.5	1,150.5	-748.2	3,271.1
IV. Net cash flows during the period	-2,500.1	5,073.7	422.2	-508.5	460.1	-1,735.1	26.6	261.8	849.3
V. Cash and cash equivalents at begingning of the period	5,981.3	907.6	485.5	994.0	533.9	2,269.0	2,242.3	1,980.6	1,131.3
Cash and cash equivalents at end of period	3,481.2	5,981.3	907.6	485.5	994.0	533.9	2,269.0	2,242.3	1,980.6
1. Proceeds from sale of brokerage securities to customers	3,945.1	3,547.6	6,122.7	4,828.7	6,086.5	8,573.6	5,696.3	5,907.2	11,425.8
2. Money spent on buying brokerage securities for customers	-4,214.2	-4,038.6	-5,650.9	-3,296.0	-5,412.5	-9,403.9	-6,271.5	-8,514.7	-10,777.9
9. Receive deposits to pay for securities transactions of customers	29,365.4	14,562.9	19,572.9	33,262.1	34,206.4	30,572.5	133,181.2	-40,571.3	107,470.7
11. Payment for customers' securities transactions	-29,112.9	-14,214.2	-20,541.6	-34,264.1	-34,995.7	-29,912.8	-132,529.8	42,462.6	-107,718.5
Increase / decrease of net money during the period	-16.5	-142.3	-496.9	530.6	-115.3	-170.6	76.1	-716.2	400.1
II. Cash and cash equivalents at the beginning of the period of the customer	407.9	550.2	1,047.1	516.5	631.8	802.4	726.3	1,442.5	1,042.4
III. Cash and cash equivalents at the end of the period of the customer	391.4	407.9	550.2	1,047.1	516.5	631.8	802.4	726.3	1,442.5

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ORS

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